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ZPT
ZPT
ZPT - Zaptronix Limited - Audited annual results for the year ended 31 August
2009 and Notice of annual general meeting
ZAPTRONIX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/014928/06)
(Share Code: ZPT ISIN Code: ZAE000070934)
("Zaptronix" or "the Company")
AUDITED ANNUAL RESULTS FOR THE YEAR ENDED 31 AUGUST 2009 AND NOTICE OF ANNUAL
GENERAL MEETING
Shareholders are advised that the Audited Annual Financial Statements for the
year ending 31 August 2010 were distributed on Thursday, 1 April 2010 and
contain the following modifications to the Reviewed Provisional Results that
were published on SENS on Tuesday, 1 December 2009:
CONDENSED CONSOLIDATED BALANCE SHEETS AS AT 31 AUGUST 2009
31 Aug 09 31 Aug 09 31 Aug 08
Previously (Audited) Difference (Audited)
published
(Reviewed)
R R R R
Assets
Non-current
assets
Property, plant 4 853 769 4 853 771 2 5 770 368
and equipment
Intangible assets 1 177 083 1 177 083 - 2 218 918
Deferred tax - - - 30 033
asset
Current assets
Inventories 2 015 781 1 981 121 (34 660) 2 568 149
Trade and other 4 052 296 4 197 791 145 495 1 747 772
receivables
Other financial 265 498 256 869 (8 629) 572 518
assets
Cash and cash 119 622 119 622 -
equivalents
Total assets 12 484 049 12 586 257 102 208 13 058 217
Equity and
liabilities
Equity
Share capital 29 632 341 29 632 341 - 29 632 341
Reserves 170 149 119 622 50 527 170 149
Accumulated loss (26 976 540) (27 270 (293 623) -24 737 295
163)
Liabilities
Non-current
liabilities
Other financial 487 128 - (487 128) 1 288 603
liabilities
(interest
bearing)
Deferred tax 278 726 387 128 108 402 267 597
Current
liabilities
Finance leases - - - 58 092
Trade and other 5 185 411 6 073 594 888 183 3 153 015
payables
Other financial 2 818 529 3 305 658 487 129 1 069 217
liabilities(inter
est bearing)
Provisions 891 306 103 019 (788 287) 353 355
Current tax - 235 058 235 058
payable
Total equity and 12 484 049 12 586 257 102 208 13 058 217
liabilities
Number of shares 379 318 934 379 318 934
in issue
Net asset value 0.76 1.19
per share (cents)
Tangible net 0.44 0.60
asset value per
share (cents)
CONDENSED CONSOLIDATED INCOME STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2009
31 Aug 09 31 Aug 09 31 Aug 08
Previously (Audited) Differenc (Audited)
published e
(Reviewed)
R R R R
Revenue 29 017 524 29 133 284 115 760 22 399 096
Gross profit 19 827 640 19 919 740 92 100 12 445 418
Other income 487 697 487 694 (3) 645 002
Operating costs (20 151 526) (20 241 (89 790) (13 269 313)
316)
Operating 163 811 166 118 2 307 (178 893)
profit/(loss)
(EBITDA)
Depreciation and (2 097 967) (2 097 966) 1 (2 094 935)
amortisation
Net loss before (1 934 156) (1 931 848) 2 308 (2 273 828)
interest and
taxation
Interest paid (290 679) (290 676) - (152 920)
Interest received 23 752 23 751 (1) 40 034
(Loss)/profit (2 201 083) (2 198 773) 2 307 (2 386 714)
before taxation
Taxation (41 161) (384 622) (343 461) (189 057)
(Loss)/profit for (2 242 245) (2 583 395) (341 154) (2 575 771)
the period
Basic earnings per (0.59) (0.68) (0.09) (0.68)
share (cents)
Headline earnings (0.59) (0.68) (0.09) (0.41)
per share (cents)
Reconciliation of
headline earnings:
Net profit (2 242 245) (2 583 395) (341 154) (2 575 771)
attributable to
ordinary
shareholders
Adjusted for - - - 1 021 534
profit on disposal
of property, plant
and equipment
Total tax effect - - - -
of the adjustments
Headline earnings (2 242 245) (2 583 395) (341 154) (1 554 237)
attributable to
ordinary
shareholders
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEAR ENDED
31 AUGUST 2009
Share Reserves Accumulated Total
capital loss
Balance at 1 29 632 341 419 198 (22 212 051) 7 839 488
September 2007
Currency translation -198 522 (198 522)
differences
Realisation of -50 527 50 527 -
revalued assets
Profit for the year (2 575 771) (2 575 771)
Balance at 1 29 632 341 170 149 (24 737 295) 5 065 195
September 2008
Previously published (2 242 245) (2 242 245
loss for the year
Audited loss for the (2 583 395) (2 583 395)
year
Previously published 29 632 341 170 149 (26 979 540) 2 822 950
balance as at 31
August 2009
Audited balance as at 29 632 341 170 149 (27 320 690) 2 481 800
31 August 2009
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS FOR THE YEAR ENDED 31 AUGUST
2009
31 Aug 09 31 Aug 09 31 Aug 09 31 Aug 08
Previously (Audited) Difference (Audited)
published
(Reviewed)
R R R R
Cash flows from
operating activities
Cash generated from 820 815 846 848 26 033 1 881 357
operations
Finance income 23 752 23 751 (1) 40 034
Finance costs (290 679) (290 676) 3 (152 920)
Net cash from 553 888 579 923 26 035 1 768 471
operations
Cash flows from
investing activities
Purchase of property, - (144 394) (144 394) (642 301)
plant and equipment
Disposal of property, 24 965 24 965 274 380
plant and equipment
Net cash flow from - (119 429) (119 429) (367 921)
investing activities
Cash flow from
financing activities
Repayment of other (948 692) (855 305) 93 387 (1 072 870)
financial liabilities
Finance lease (58 092) (58 092) - (80 444)
repayments
Net cash flow from (1 006 784) (913 397) 93 387 (1 153 314)
financing activities
Total cash movement (452 896) (452 903) (7) 247 236
for the year
Cash at the beginning 572 518 572 518 - 325 281
of the year
Total cash at end of 119 622 119 615 (7) 572 517
the year
COMMENTS
The adjustments are mainly a result of the recognition of taxation in
subsidiaries and changes to deferred tax calculations accounted for in
accordance with IFRS.
AUDIT REPORT
The annual financial statements have been audited by Zaptronix`s independent
Auditors, PKF (Pretoria) Inc. The Auditor`s Report contains an Emphasis of
Matter, whereby the Auditors, without qualifying their Report, draw attention to
the net loss incurred during the financial year. The Emphasis of Matter relates
to the ability of the group to continue as a going concern, which is dependent
on several factors which inter alia include the successful conclusion of the
acquisitions announced on SENS on Friday, 26 January 2010. The Auditors` Report
is available for inspection at the Company`s registered office.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the Annual General Meeting of shareholders will be
held on Wednesday, 12 May 2010 at 10:00, in the boardroom at the offices of the
company at Solutions House, Gazelle Close, Corporate Park South, Midrand,
Gauteng.
Midrand
6 April 2010
Designated Adviser
Exchange Sponsors
Date: 06/04/2010 11:55:01 Produced by the JSE SENS Department.
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